If you could use only one word to describe the most important thing in investing what would it be? If the question was real estate, you'd quickly say - LOCATION. If eating - healthy, maybe taste, or sport - winning, or sailing - wind, or mechanical motion - friction.

If you’ve invested long enough, it’s almost certain that you’ve been made to feel less than knowledgeable, either by your advisor (unwittingly, of course) or by ‘Mr. Market.’ People invest for as many reasons as there are people. Today’s Brief addresses the purpose of the vast majority of investors; that of saving to replace the paycheck. Some call it retirement, some call it freedom from salary, others refer to it as their second half, and still others call it doing what you really want to do, or were meant to do all along. Whatever you call it, it happens when you begin depending on your investments to see you through life, no longer relying on what is commonly referred to as ‘your day job.’